Law Commons^™

Property And The True-Sale Doctrine.Pdf, Heather Hughes

Heather Hughes

Assessing Risk, Liability And Asset Management Investments Among U.S. And Foreign Banks: Bank Of America, Wells Fargo, And Wachovia, Valencia Tamir Johnson Dr.

Valencia T Johnson

In recent years, banks have had a positive and negative impact on assessing risk, liability and asset management from other competitors such as Bank of America, Wells Fargo and Wachovia. There have been many recent discussions about the U.S. and International banking management and investments. The Federal Reserve and the U.S. Exchange Commission are finding ways to evaluate the negative and positive behaviors exhibited by other financial institutions, which has an impact on the global economy, and in regards to financial management and investments. This article explains the important of assessing the risk and compliance management in financial banking and …

Federalism And Fiduciaries: A New Framework For Protecting State Benefit Funds, Richard E. Mendales

Richard E. Mendales

The financial crisis has underlined difficulties faced by states and their subdivisions in paying benefits to their employees. The most spectacular example is Detroit's bankruptcy, but state and local employers across the country face sharp cuts in benefits as their employers fight for solvency. A federal solution such as ERISA is precluded by considerations of federalism and the impracticability of getting major legislation through Congress. This Article proposes an alternative solution: a uniform state code, following other uniform state laws such as the Uniform Commercial Code, that states could adopt to govern both state and local plans. It would finance …

Responses To Systemic Risk After The Global Financial Crisis: Canada And New Zealand, Nan Seuffert

Professor Nan Seuffert

This paper considers the responses of two jurisdictions to systemic risk identified as contributing to the global financial crisis (GFC). Canada and New Zealand are studied as two jurisdictions that both weathered the global financial crisis relatively well. Both have recently proposed new national authorities for the regulation and enforcement of securities: the Canadian Securities Regulation Authority and the Financial Markets Authority (New Zealand). Nevertheless, the proposals and the responses for new national authorities reveal that the two countries view the GFC and the appropriate responses quite differently. This paper analyses the appropriateness of the two responses.

The Tppa And Financial Sector Deregulation, Nan Seuffert, Jane Kelsey

Professor Nan Seuffert

The Bush administration announced that it was joining the negotiations on the unfinished business of financial services and investment between the parties to the Trans-Pacific Strategic Economic Partnership Agreement (or P-4) in February 2008. At that time, the sub-prime mortgage market was collapsing; the British government had bailed out Northern Rock; and iconic US financial institutions, such as Citigroup, Merrill Lynch and AIG, were in a precarious state. These and further signs of a systemic financial meltdown should have rung alarm bells about an agreement that would deepen the global integration of financial markets, enhance the expansion of financial institutions …

A Comparison Of Anti-Manipulation Rules In U.S. And Eu Electricity And Natural Gas Markets: A Proposal For A Common Standard, Shaun D. Ledgerwood, Dan Harris

Shaun D. Ledgerwood

In this paper, we describe the development and current status of anti-manipulation rules as they apply to wholesale electricity and natural gas markets in the United States and the European Union, including the institutions that are responsible for overseeing these rules. We then compare and contrast these jurisdictions to discuss similarities, differences, and potential gaps in coverage within and across their internal markets. We note that while the behavior prohibited by the U.S. and EU statutes is remarkably similar, there is in fact no common standard for defining market manipulation. The absence of a common EU/U.S. framework for examining manipulative …

Fitting An Old Tiger With New Teeth: Protecting Public Employee Funds Investing In Complex Financial Instruments, Richard E. Mendales

Richard E. Mendales

State employee benefit funds invested heavily in complex financial instruments such as collateralized debt obligations (“CDOs”) before the crash of 2008, driven by higher yields than those offered by traditional securities in the low interest rate climate of the era. Their risks were concealed partly by investment-grade ratings issued by credit rating agencies with untested models and conflicts of interest, and partly by deceptive marketing practices. When the crash came, the funds incurred major losses which, unlike losses by private funds, are not covered by federal Pension Benefit Guaranty Corporation insurance. This Article deals with two key dimensions of the …

The Federal Reserve We Need: It’S The Fed We Once Had, Timothy A. Canova

Timothy A. Canova

This article considers the empirical record of the 1942-1951 period of Federal Reserve history when the Fed was more politically accountable and more independent of private financial interests. During the 1940s, federal spending was nearly twice as high as today, and federal borrowing was more than three times higher. Yet, from 1942 to 1951, the Federal Reserve was directed by the White House and Treasury to peg interest rates at 3/8 of one percent on short-term Treasury borrowing and 2.0 to 2.5 percent on long-term borrowing. The U.S. economy grew at a real annual rate of 15 to 20 percent …

The Financial Reform Act: Will It Succeed In Reversing The Causes Of The Subprime Crisis And Prevent Future Crises?, Charles W. Murdock

Charles W. Murdock

Summary: The Financial Reform Act: Will It Succeed in Reversing the Causes of the Subprime Crisis and Prevent Future Crises? By: Professor Charles W. Murdock

The current financial crisis, which could have plunged the world into a financial abyss similar to the Great Depression, is far from resolved. The financial institutions, which this article asserts caused the crisis, have returned to profitability and have paid billions of dollars in bonuses, while ordinary Americans have borne the brunt of the meltdown, with formal unemployment hanging around the 10% mark. This has caused some to comment that profits have been privatized and …

The Financial Reform Act: Will It Succeed In Reversing The Causes Of The Subprime Crisis And Prevent Future Crises?, Charles W. Murdock

Charles W. Murdock

Summary: The Financial Reform Act: Will It Succeed in Reversing the Causes of the Subprime Crisis and Prevent Future Crises? By: Professor Charles W. Murdock

The current financial crisis, which could have plunged the world into a financial abyss similar to the Great Depression, is far from resolved. The financial institutions, which this article asserts caused the crisis, have returned to profitability and have paid billions of dollars in bonuses, while ordinary Americans have borne the brunt of the meltdown, with formal unemployment hanging around the 10% mark. This has caused some to comment that profits have been privatized and …

Nigeria’S Survival Of The Global Financial Crisis In The 21st Century – Which Way Nigeria, Chinedu Chibueze Ihenetu-Geoffrey

Chinedu Chibueze Ihenetu-Geoffrey

A spectre is haunting the world: the spectre of total collapse of the global economy as a result of the greed of a few decision-makers and the failure of regulators of the market in some countries. It should be emphasized, however, that cyclic booms and depressions are essential ingredients of the capitalist system, thereby rendering the so-called global meltdown not totally unexpected to those who monitor developments in the global market-place. The interdependence and inter-connectedness of the economies of countries within the global capitalist economy are such that when the biggest players sneeze, the marginal ones catch cold. In what …

The Global Financial Crisis And The Call For Reform Of Insolvency Law Systems, Adrian Walters

Adrian J Walters

No abstract provided.

Financial Market Failure As A Crisis In The Rule Of Law: From Market Fundamentalism To A New Keynesian Regulatory Model, Timothy A. Canova

Timothy A. Canova

This article considers the financial panic of 2008 in historical context by analyzing the institutional and regulatory factors that contributed to the financial and economic crisis. The move away from a Keynesian regulatory model was a function of larger institutional flaws. The Keynesian regime of command-and-control regulation focused on macroeconomic policy objectives designed to achieve full employment, more equitable distributions of wealth and income, greater transparency in the regulatory process, and reduction in monopoly exploitation of consumers. Central to this regime was a model of central banking that required greater accountability to elected branches of government and the use of …

Lincoln’S Populist Sovereignty: Public Finance Of, By, And For The People, Timothy A. Canova

Timothy A. Canova

This article considers Lincoln’s system of public finance in a broad historical perspective. In the weeks prior to Lincoln‘s inauguration, the financial markets were swept by panic, the hoarding of gold, and a crisis perhaps more dangerous than other classic Keynesian liquidity traps, such as in March 1933 and September 2008. In 1861, there was no central bank with the authority to issue currency and inject liquidity into the financial system to try to restrain the psychology of hoarding. The Lincoln administration was able to break the downward spiral and provide the resources to mobilize for war, as well as …